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HB19-1257

Voter Approval To Retain Revenue For Ed & Transp

Concerning authority for the state to keep and spend all of the revenue in excess of the constitutional limitation on state fiscal year spending beginning with the 2019-20 fiscal year in order to provide funding for public schools, higher education, and roads, bridges, and transit.

Session:

2019 Regular Session

Subject:

Fiscal Policy & Taxes

Bill Summary

Excess state revenues - retain and spend - voter-approved revenue change - November 2019 election - public schools, higher education, and roads, bridges, and transit - annual audit. Contingent on voters' approval at the statewide election held on November 5, 2019, the act authorizes the state to annually retain and spend all state revenues in excess of the constitutional limitation on state fiscal year spending that it would otherwise be required to refund. An amount of money equal to the state revenues so retained is designated as part of the general fund exempt account and the general assembly is required to appropriate or the state treasurer is required to transfer this money to provide funding for:

Public schools;

Higher education; and

Roads, bridges, and transit.

The state auditor is required to contract with a private entity to annually conduct a financial audit regarding the use of the money that the state retains and spends under this measure.

Adopted by the General Assembly: April 29, 2019

NOTE: On November 5, 2019, the secretary of state shall submit this act by its ballot title to the registered electors of the state for their approval or rejection. Except as otherwise provided in section 1-40-123, Colorado Revised Statutes, if a majority of the electors voting on the ballot title vote "Yes/For", then the act will become part of the Colorado Revised Statutes.(Note: This summary applies to this bill as enacted.)

* Amendments passed in committee are not incorporated into the measure unless adopted by the full House or Senate.

** The status of Second Reading amendments may be subsequently affected by the adoption of an amendment to the Committee of the Whole Report. Refer to the House or Senate Journal for additional information.

Bill History

Date

Location

Action

05/14/2019

Senate

Signed by the President of the Senate

05/14/2019

House

Signed by the Speaker of the House

04/29/2019

Senate

Senate Third Reading Passed - No Amendments

04/29/2019

Senate

Senate Third Reading Reconsidered - No Amendments

04/29/2019

Senate

Senate Third Reading Passed - No Amendments

04/27/2019

Senate

Senate Second Reading Passed - No Amendments

04/26/2019

Senate

Senate Second Reading Laid Over Daily - No Amendments

04/23/2019

Senate

Senate Committee on Finance Refer Unamended to Senate Committee of the Whole

04/16/2019

Senate

Introduced In Senate - Assigned to Finance

04/16/2019

House

House Third Reading Passed - No Amendments

04/15/2019

House

House Third Reading Laid Over Daily - No Amendments

04/12/2019

House

House Second Reading Special Order - Passed with Amendments - Committee

04/09/2019

House

House Committee on Appropriations Refer Unamended to House Committee of the Whole